What Has Plummeted Sri Lankan Economy?

-

 Sri Lankan economic crises is not getting any better by the passing day. Residents are now reeling under severe power cuts, shortage of medical equipment and medicines to name a few issues facing the country.


What has led to this mayhem is a critical lack of foreign currency that has crippled their economy, forcing them to miss out of payments for vital imports, leading to dire shortages in everything from life-saving medicines to cement.

Troubled over long lines for fuel that start forming before dawn, Sri Lankans are now complaining bitterly about government mismanagement and are fretting over how to feed their families as food prices skyrocket.

Meanwhile, India has come to their rescue, as hospitals are going without medicines and facing medical crises. Indian Ministry of Foreign Affairs are already reached out to Sri Lankan government offering help in life saving surgeries. Many hospitals have suspended surgeries due to lack of medicines in Sri Lanka.

Trucks at the port are unable to cart food and building materials to other urban centres, or bring back tea from plantations dotted around Sri Lanka's verdant inland hills. This kind of financial crises is new to the country of greens that has lived a peaceful life for the last six decades.

Mostly to be blamed is bad governance and management of public money. Wrong infrastructure decisions, chronic budget deficits, ill-advised tax cuts just before the pandemic are just a few things that have sent government revenue into freefall, and subsidies on electricity and other utilities that disproportionately benefited wealthier Sri Lankans.

Comments

Post a Comment

Popular posts from this blog

Why Is Truss Government Looking At Relaxing Immigration Rules?

-
Image
UK is moving towards relaxing labor shortage norms to make up for the windfall in its crucial food industry There are plans in the UK to ease off immigration rules as the country faces issues with labour shortage and need to boost economic growth. There are plans to expand the government’s shortage occupation list in order to fill in crucial vacancies. The best way that the new PM sees is by inviting overseas workers. A range of sectors are facing labor shortage and Ms Truss has been getting requests from the various to ease off immigration restrictions to ease off the labor shortage pressures. Businesses it is told have been frustrated over the visa system for skilled workers of being unresponsive to not fill the windfall. A severe shortage in farming for example needs to be addressed. Such shortages, it seems is looking like it will badly affect food and the farming sector. The first one to be helped would be the seasonal workers’ programme. Similarly, those in dire need will nee...
Read more

How University Of Glasgow Is Reviving The Art of Knitting

-
Image
There are ways and then there are more ways to keep our traditions alive. A university in the UK has found a novice way of keeping the tradition of knitting alive, by launching a book on knitting patterns based on the architecture of the university. The University of Glasgow has collated a book of such patterns that were invited from designers from all over Scotland and are based on the ‘iconic’ cloisters on the Gilmorehill campus and the ‘modernism’ of the library. The university has gone ahead and also employed knitter who resides with the university and will help in creating the patterns.  Staff and students have been alike, invited to take part in the competition to produce original knitting patterns that are inspired by the university. They have also been encouraged to use Cochno wool. University actually launched its own wool in 2018, called the Cochno that was well received by knitters around the world. The book named as the Knitting The University of Glasgow , is a jo...
Read more

North Korean Construction Workers Run For Their Lives From Russia

-
Image
While North Koreans make for a large population of migrant workers, the pressure to lose their lives working in the war-ravaged Ukraine has left them scared In a surprising revelation, North Korean construction workers are discovering that they are in fact been employed to be sent to Ukraine from Russia. Fearing for their lives, these migrant workers are now running for their lives as none would want to the ongoing war-ravaged country. The ongoing war has led to massive loss of lives and infrastructure, which Russia is on its own volition deciding to rebuild, employing migrant workers from North Korea . The same construction migrants are now running into hiding fearing for their lives. 'After getting the news that the workers would soon be moved to a new construction site in Ukraine, and needed to settle everything by the end of September, many have escaped. It's not only the construction workers, but also management officials escaping,' an unnamed source told the pub...
Read more